New Penn Financial Announces Expanded Guidelines For Portfolio Investor Product
August 15, 2011
August 2011 - New Penn Financial, LLC, a nationwide lender, has expanded its Non-Agency loan program with broader guidelines for investment properties.
The enhanced investment property loan program provides greater flexibility for seasoned real estate investors and enables more investors to enter the marketplace and finance their projects.
New Penn's investment property program offers the following parameters: up to 65% LTV for purchases and cash out refinance; up to 50% debt-to-income with additional reserves; the ability to have up to 20 other properties financed; the option to close in the name of an LLC; and a 6% seller assist. In addition, qualified borrowers can purchase properties with a deferred maintenance and repairs feature, which is perfect for investors who buy foreclosed properties in need of repairs.
With loan amounts of up to $650,000 per property, borrowers can take advantage of today's real estate market and purchase a wide variety of properties. Investors, even if self-employed, can qualify with a minimum FICO score down to 640.
"The market is missing tremendous opportunities today" said Bob Wexler, Vice President of New Penn's Financial Services Division. "Our platform provides a niche to our wholesale and correspondent customers that exceed Agency guidelines in almost every way. The expanded guidelines for non owner occupied properties will allow us to capture many investment quality loans that are currently excluded from the market."
About New Penn Financial: New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 42 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates 26 branch offices nationwide. New Penn is a Shellpoint Partners company. Shellpoint is a well-capitalized specialty finance company led by a veteran management team.